A group of small businesses preparing a multi-billion pound legal claim against Royal Bank of Scotland over its restructuring group today called for the resignation of the head of the Financial Conduct Authority.
The small businesses, collectively known as the RBS-GRG Business Action Group, condemned FCA chief executive Andrew Bailey for his body’s delayed release of a report on RBS' global restructuring group (GRG).
The group’s condemnation of Bailey comes shortly after Treasury select committee chair Nicky Morgan called on the FCA to publish the report, which was recently leaked to the BBC.
The FCA published a summary of its findings in November last year. Bailey said in April this year that he expected the full report to be published within a year.
The RBS-GRG Business Action Group, representing more than 500 individuals and businesses, is intending to launch its case in the High Court in the coming months and is planning to sue for between £1.5bn and £3.5bn.
The FCA declined to comment.